I tried to find a grading chart on SM website. I found this:
Use our grading system to choose your soundboard:
Color: Higher grade soundboards have more consistent color (color affects the instrument's appearance only, not its tone).
Grain straightness: Higher soundboard grades have straighter, tighter, and more uniform grain. While closely spaced grain has been traditionally favored, luthiers have found that wider grain can produce very good tone.
Quartersawn grain: The higher the grade, the more closely quartersawn the wood. Perfectly quartered wood is more dimensionally stable and moves proportionally with changing temperature and humidity environments. This helps to ensure structural integrity and resists cracking better than other types of cuts.
Grain run-out: Our soundboards are sawn from split billets to reduce the amount of grain "run-out," caused by a twist in the tree. By splitting the log, the twist is followed when sawing. Higher grade soundboards have less run-out.
Origin and drying: Our soundboards (unless otherwise noted) are from western North America, and have been kiln-dried and stored in a climate controlled environment.
Is there a better description of their grades somewhere? This is basically just saying higher is better. Well
. 
Not saying that set should have been shipped to the customer for sure.
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